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167 Sultana Ave & 164-184 S 3rd Ave, Upland, CA 91786

$7,900,000

Description

Nico Rosmarin and Benji Gribnau of Lyon Stahl are pleased to present an excellent opportunity to acquire 16 adjoining lots on 2.57 acres adjacent to the Metrolink station in the West San Bernardino submarket in Upland, California. This asset has never been sold previously and is centrally located in the heart of Upland, providing strategic access to multiple transportation routes and to the historic downtown neighborhood. The major cross streets are Euclid Avenue and 8th Street and the immediate surrounding area is a mixture of residential, light industrial, and commercial properties.

With 2.57 acres, this makes a perfect opportunity to develop a mixed-use structure. The adjacent few blocks have been developed into condominiums and sold off at roughly $400k each. The property is in one of the most coveted cities in the San Bernardino submarket and is highlighted by gorgeous views, streets lined with trees, moderate climate and is located near the 10 Freeway, which makes this a great location to build either an assisted living community, 100+ multifamily apartment units or condos. Also, given its proximity to major distribution routes and densely populated metro areas, this is also a great location for storage facility. All renters are on month to month agreements allowing a buyer to easily vacate for redevelopment.

167 Sultana houses an industrial food processing warehouse with 30,000 Sq Ft of rentable space and sits on a 35,284 Sq Ft lot. Also adjoining, are two single-family homes on a 7,000 Sq Ft lots each at 164 S 3rd Ave. There is also a quadruplex which lies on a 7,000 Sq Ft lot at 170 S 3rd Ave and a duplex which sits on another 7,000 Sq Ft lot at 176 S 3rd Ave.

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Address

  • State/county: CA
  • Country: United States

Detail

Updated on June 11, 2019 at 5:26 pm

  • Price: $7,900,000
  • Property Size: 36,052 Sq Ft
  • Land Area: 112,018 Sq Ft
  • Year Built: 1948
  • Property Type: Multifamily, Development Opportunity, Quadruplex
  • Property Status: Active
  • Market GRM: 15.36
  • Market CAP RATE: 4.42%

Contact info

Benji Gribnau
Benji Gribnau
(323) 272-2117(858) 337-4991
Nico Rosmarin
Nico Rosmarin
(424) 226-9449(303) 819-5225
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